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    Reuben Garner • The Benchmark Company, LLC

    Reuben Garner's questions to TopBuild Corp (BLD) leadership

    Reuben Garner's questions to TopBuild Corp (BLD) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company asked if the downturn in new housing presents an opportunity for TopBuild to increase its focus on the residential repair and remodel (R&R) market.

    Answer

    CEO Robert Buck responded that the Service Partners distribution business actively serves the R&R market by supplying the smaller contractors who perform that work. He described it as a 'healthy part' of the business and a continued area of focus for the distribution segment.

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    Reuben Garner's questions to TopBuild Corp (BLD) leadership • Q1 2025

    Question

    Reuben Garner of The Benchmark Company asked why the residential portion of the distribution business outperformed the installation business and whether this was due to smaller installers buying from distribution in a downturn.

    Answer

    CFO Rob Kuhns confirmed that the dynamic of smaller installers buying less-than-truckload orders from distribution was a contributing factor. However, he noted that a larger driver of the difference was the distribution segment's lower exposure to the multifamily market, which experienced a significant downturn of approximately 30% in the quarter.

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    Reuben Garner's questions to Hillman Solutions Corp (HLMN) leadership

    Reuben Garner's questions to Hillman Solutions Corp (HLMN) leadership • Q2 2025

    Question

    Reuben Garner of Benchmark asked if the back-half pricing and volume outlook was concentrated in the Hardware and Protective Solutions (HPS) segment. He also requested an update on the 'dual faucet' sourcing strategy and progress toward reducing China sourcing to 20%.

    Answer

    CFO Robert Kraft confirmed that the HPS segment has more pricing impact due to greater tariff exposure. President & CEO Jon Michael Adinolfi reiterated confidence in reaching the ~20% China sourcing goal by year-end, naming Thailand, Vietnam, and India as examples of countries benefiting from the supply chain diversification.

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    Reuben Garner's questions to Hillman Solutions Corp (HLMN) leadership • Q1 2025

    Question

    Reuben Garner asked about the specific product categories remaining in China and their historical price elasticity. He also inquired whether the announced price increases are permanent or if the company has considered using surcharges, especially if tariffs are reversed.

    Answer

    President and CEO Jon Michael Adinolfi identified core fasteners, some hardware, and dip gloves as products still sourced from China, noting the company is actively developing alternative sources. Regarding pricing, he explained that due to SKU and customer complexity, they are implementing price increases rather than surcharges, but will work with customers to adjust costs over time if the tariff situation changes.

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    Reuben Garner's questions to Hillman Solutions Corp (HLMN) leadership • Q4 2024

    Question

    Reuben Garner questioned the confidence level in the 2.5% new business growth for 2025, asking how much was already secured. He also asked about the potential costs associated with implementing price changes in stores and whether the company or its customers were building inventory ahead of possible tariffs.

    Answer

    CFO Robert Kraft confirmed that 'basically all' of the 2.5% new business growth is from committed wins, but the final result is subject to market volumes in those categories. CEO Jon Adinolfi estimated the cost of relabeling for price changes at $1 million to $2 million. The call was disconnected before he could fully address the inventory question related to tariffs.

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    Reuben Garner's questions to Builders FirstSource Inc (BLDR) leadership

    Reuben Garner's questions to Builders FirstSource Inc (BLDR) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company asked for geographic color on the company's housing starts forecast, particularly regarding performance in key, high-volume markets like Texas and Florida.

    Answer

    CEO Peter Jackson confirmed that the company is feeling the impact in major markets like Florida and Texas, where new construction has been significant. He noted that while some regions like the Northwest are more stable, the overall map has 'a lot of red,' and the weakness is concentrated in the core, traditional single-family starts markets where the company has a large presence.

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    Reuben Garner's questions to Bluelinx Holdings Inc (BXC) leadership

    Reuben Garner's questions to Bluelinx Holdings Inc (BXC) leadership • Q2 2025

    Question

    Reuben Garner of The Benchmark Company LLC questioned the sequential gross margin changes, asking why structural margins weren't higher given rising lumber prices and what was driving specialty margins lower despite volume growth. He also requested an update on the M&A environment.

    Answer

    CFO Kelly Wall attributed the pressure on structural margins to intense competition and significant price declines in panels. For specialty margins, she cited competitive pressures and a different product mix from the growing multifamily business, noting the company is willing to accept slightly lower margins for absolute gross profit dollar growth. CEO Shyam Reddy commented on M&A, stating that bid-ask spreads have narrowed and the deal pipeline is more active than it was 18-24 months ago.

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    Reuben Garner's questions to Bluelinx Holdings Inc (BXC) leadership • Q1 2025

    Question

    Reuben Garner followed up on specialty margins, asking why competitive pressures were increasing in April despite improving volumes. He also questioned if new growth initiatives, such as multifamily and greenfields, were causing near-term margin pressure, and asked which specific products are exposed to tariffs.

    Answer

    CEO Shyam Reddy attributed the increased competition to a softer overall market with ample supply, forcing aggressive pricing to win and maintain programs. He clarified that growth in multifamily and national accounts is a strategic share gain, not a source of margin pressure, and that greenfields like Portland are performing ahead of plan. Reddy identified the PrimeLinx millwork category and lumber as the primary product areas exposed to international tariffs.

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    Reuben Garner's questions to Bluelinx Holdings Inc (BXC) leadership • Q4 2024

    Question

    Reuben Garner sought clarification on the greenfield strategy, particularly the ability to achieve a high specialty product mix early on. He also asked about any demand shifts toward Southern Yellow Pine due to tariff concerns and requested details on the company's strategy for gaining share in the multifamily housing market.

    Answer

    Shyam Reddy, President and CEO, explained that strong support from key specialty suppliers allows new greenfields to launch with a rich specialty mix, not just relying on structural products. He noted no significant demand shift to Southern Yellow Pine yet, citing U.S. mill capacity as a constraint. On multifamily, Reddy detailed a comprehensive strategy involving a dedicated team, targeting pro dealers and national accounts, and making CapEx investments in its fleet to support job site deliveries, which is successfully driving share gains in a market where BlueLinx was historically underpenetrated.

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    Reuben Garner's questions to Bluelinx Holdings Inc (BXC) leadership • Q3 2024

    Question

    Reuben Garner sought clarification on the significant improvement in structural margins from the start of Q3 to the final 11% figure, asking if a prior inventory reserve reversal was the cause. He questioned if BlueLinx had to sacrifice volume to protect these margins and asked whether the better-than-market volume was due to a customer recovery or company-specific initiatives. Lastly, he inquired about inventory management strategies for specialty categories heading into the seasonally slower period.

    Answer

    CFO and Treasurer Andy Wamser confirmed that a $2.4 million inventory reserve taken in Q2 was reversed in Q3, which boosted the reported structural margin; he suggested the year-to-date margin of 9.8% is a more normalized figure. Wamser also highlighted that structural volume was up high-single-digits, indicating the company was not walking away from business. President and CEO Shyam Reddy attributed the strong volume performance to the company's share gain strategy rather than a broad market recovery. Regarding inventory, Reddy stated that BlueLinx manages to specific turn targets and that any customer destocking is a net benefit, with no signs of the significant inventory buildup seen post-pandemic.

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    Reuben Garner's questions to Ufp Industries Inc (UFPI) leadership

    Reuben Garner's questions to Ufp Industries Inc (UFPI) leadership • Q2 2025

    Question

    Reuben Garner from The Benchmark Company LLC asked whether the new Deckorators marketing campaign targets contractors or consumers, sought details on stabilization trends in the Packaging segment, and questioned how current site-built profitability compares to pre-pandemic levels.

    Answer

    CEO Will Schwartz clarified that the marketing campaign is primarily driven towards the consumer to explain the value of the SureStone technology. He described the Packaging segment as having stabilized sequentially but not yet showing signs of improvement in a still-difficult market. CFO Michael Cole added that pricing and margins in the site-built segment have largely normalized and are now under more pressure than they were pre-pandemic.

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    Reuben Garner's questions to Ufp Industries Inc (UFPI) leadership • Q1 2025

    Question

    Reuben Garner from The Benchmark Company inquired about the specifics of the Deckorators customer transition, the total revenue capacity following recent expansions, and whether competitive pricing in the Site Built segment has stabilized or is expected to worsen.

    Answer

    Chief Executive Officer William Schwartz confirmed the Deckorators transition was mostly complete and would normalize in Q2. Chief Financial Officer Michael Cole detailed the capacity expansions, including two $100 million projects at the Sunbelt plant and the new Buffalo facility, which collectively support the goal of doubling market share over five years. Regarding Site Built pricing, Cole noted a significant step-down from Q4 to Q1 and stated that visibility is too limited to call a bottom, expecting the challenging trend to continue.

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    Reuben Garner's questions to Ufp Industries Inc (UFPI) leadership • Q4 2024

    Question

    Reuben Garner explored the potential for UFP Industries to increase its use of Southern Yellow Pine to offset lumber tariff impacts. He also questioned the state of the Deckorators sales channel, asking if there was a noticeable difference between sell-in and sell-through, indicating potential destocking. Lastly, he asked if there were any material changes to the company's capital expenditure strategy.

    Answer

    CEO William Schwartz confirmed that if tariffs drive up prices of other wood species, the adoption of Southern Yellow Pine would likely increase, continuing a recent trend. On Deckorators, Schwartz stated he could not speak to any significant changes in channel inventory levels but noted that product takeaway is good. CFO Michael Cole addressed CapEx, reaffirming the company's commitment to an elevated spending plan for growth and automation, with no material changes to the strategy, though he noted a pivot from greenfield to M&A is always possible if valuations are right.

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    Reuben Garner's questions to Ufp Industries Inc (UFPI) leadership • Q3 2024

    Question

    Reuben Garner from Stifel asked for a breakdown of the announced $70 million in annualized cost reductions and inquired about increased competitive pressures in markets beyond Packaging, such as Site Built construction.

    Answer

    CEO Matt Missad explained that the cost reduction initiatives are interconnected across facility consolidations, operating costs, and SG&A, making a specific breakdown by bucket difficult. CFO Mike Cole added that of the $35 million in actions currently underway, approximately half relates to SG&A and half to capacity consolidation. Regarding competition, Matt Missad confirmed that as demand softens in markets like Site Built, competitive pressure naturally increases as customers seek greater value.

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    Reuben Garner's questions to Steelcase Inc (SCS) leadership

    Reuben Garner's questions to Steelcase Inc (SCS) leadership • Q1 2026

    Question

    Reuben Garner inquired about the magnitude of the drag from the education and government sectors on Q1 orders, the resulting strength in the core corporate business, the potential for demand pull-forward from price increases, and the outlook for the full fiscal year.

    Answer

    SVP & CFO David Sylvester quantified that in the Americas, the education and government sectors represented about one-third of orders and were the source of the decline, while the other two-thirds, led by corporate customers, grew. He clarified that while there was order pull-forward ahead of price changes, it was contained within each respective quarter. He also reiterated the full-year targets for mid-single-digit organic revenue growth and adjusted operating margin expansion.

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    Reuben Garner's questions to Steelcase Inc (SCS) leadership • Q4 2025

    Question

    Reuben Garner from The Benchmark Company inquired about the flexibility of the new tariff recovery charge and its mechanics. He also asked for an update on growth investments, particularly regarding performance in the small and midsized business (SMB) segment.

    Answer

    SVP and CFO David Sylvester explained the tariff recovery charge is a stated percentage of list price that can be adjusted up or down depending on the tariff landscape. President and CEO Sara Armbruster clarified that recent SMB softness was specific to Europe, while the Americas SMB segment saw order growth for the full year and remains a focus for investment. Sylvester added that the AMQ brand had a 'terrific year' within the Americas.

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    Reuben Garner's questions to Steelcase Inc (SCS) leadership • Q3 2025

    Question

    Reuben Garner inquired about the financial impact of the new ERP system, including the nature of the $20 million in FY26 costs and potential offsets. He also asked for context on the strong 15% order growth in early December and sought a geographic breakdown of the FY26 growth forecast.

    Answer

    CFO Dave Sylvester explained the $20 million ERP impact is a year-over-year swing from capitalized to expensed costs, separate from go-live inefficiencies, and that offsetting benefits would not fully cover this in FY26. He noted the 15% order growth was on top of 7% growth in the prior year, attributing it to delayed large corporate projects. For FY26, he stated the company is targeting profitability in the International segment through volume growth and cost reductions.

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    Reuben Garner's questions to Steelcase Inc (SCS) leadership • Q2 2025

    Question

    Reuben Garner from The Benchmark Company asked about growth drivers outside of large corporate, commentary on a potential West Coast tech market recovery, and an overview of the challenged International segment.

    Answer

    David Sylvester, SVP & CFO, highlighted strong performance and investment in education, health, and government sectors. Sara Armbruster, President & CEO, added that investments are tailored to each segment. Regarding the West Coast, Sylvester confirmed that internal intel suggests the tech sector is 'starting to wake up.' For the International segment, Armbruster acknowledged challenges but noted strong growth in India and a continued focus on driving efficiency and margin improvement elsewhere.

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    Reuben Garner's questions to MillerKnoll Inc (MLKN) leadership

    Reuben Garner's questions to MillerKnoll Inc (MLKN) leadership • Q4 2025

    Question

    Reuben Garner of The Benchmark Company LLC sought clarification on the $55-60 million order pull-forward in North America, asking about the timing of those projects, trends in the sales funnel, standout end-market performance, the duration of the tariff-related margin pressure, and capital allocation priorities for fiscal 2026.

    Answer

    CFO Jeff Stutz confirmed the pull-forward estimate and noted underlying demand remained strong. President of North America Contract John Michael stated the orders were from projects in the funnel, with strength in public sector and healthcare. CEO Andi Owen explained the margin impact from tariffs is a two-quarter dynamic, with recovery expected in the second half of the year. CFO Jeff Stutz highlighted that capital allocation will now prioritize debt reduction and CapEx for new stores over the share buybacks seen in fiscal 2025.

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    Reuben Garner's questions to MillerKnoll Inc (MLKN) leadership • Q3 2025

    Question

    Reuben Garner questioned the drivers behind the reduced full-year earnings outlook beyond tariffs, the strategy of using a list price increase instead of a surcharge to combat cost pressures, and the goals and expected savings from the recent restructuring actions.

    Answer

    CFO Jeff Stutz explained the outlook reflects prudence due to macroeconomic uncertainty affecting confidence, not a change in business performance. He clarified the price increase addresses broad inflation, including domestic steel, not just tariffs. The $4 million restructuring charge, mainly from workforce reduction, is expected to yield $4 million to $4.5 million in annualized savings. CEO Andrea Owen added this allows the company to protect investments in growth areas.

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    Reuben Garner's questions to MillerKnoll Inc (MLKN) leadership • Q2 2025

    Question

    Reuben Garner referenced a positive dealer survey and asked for management's perspective on customer feedback post-election. He also sought clarification on the full-year guidance, noting that it implies a significant top-line and margin acceleration in the fourth quarter, and asked for the underlying revenue assumptions.

    Answer

    President of Americas Contract, John Michael, confirmed that dealer sentiment is improving and cited strong leading indicators, including a 64% year-over-year increase in 12-month funnel additions. CFO Jeff Stutz explained that the anticipated Q4 improvement is primarily a 'top-line story,' with expected revenue acceleration driving operating leverage, rather than a major margin rate expansion. He projected Q4 gross margin to be modestly better than Q2's but declined to provide a specific full-year revenue guide.

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    Reuben Garner's questions to MillerKnoll Inc (MLKN) leadership • Q1 2025

    Question

    Reuben Garner asked about the long-term potential for gross margins, which have stabilized in the 38.5% to 39.5% range, and how much future improvement depends on volume versus other controllable factors. He also requested more detail on the 'improving macro backdrop' assumption embedded in the full-year guidance.

    Answer

    CFO Jeff Stutz explained that while margins have stabilized, the next significant improvement will come from leveraging fixed overhead costs as sales volume increases, an effect they anticipate in the second half of the fiscal year. CEO Andi Owen added that long-term, the planned growth of the higher-margin retail business will also contribute positively to the overall margin profile. Regarding the macro outlook, Andi Owen stated the optimism applies across all business segments, driven by increased certainty from the Fed, consistently positive leading indicators, and the potential for a housing market rebound to stimulate the retail business.

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    Reuben Garner's questions to Boise Cascade Co (BCC) leadership

    Reuben Garner's questions to Boise Cascade Co (BCC) leadership • Q1 2025

    Question

    Reuben Garner asked why EWP volumes have returned to pre-2020 levels despite a higher level of housing starts, questioning if changes in home size or type were the cause. He also inquired about the downside risk to pricing given the current volume environment and industry capacity utilization.

    Answer

    CEO Nate Jorgensen explained that the discrepancy is likely due to the mix of housing, particularly the geographic location and type of construction. For example, slab-on-grade homes in the Sun Belt require less EWP than two-story homes with basements. CFO Kelly Hibbs provided capacity utilization rates, which were 75-80% in Q1 and rose to the low 80s in April, indicating a solid operating rate relative to the demand environment.

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    Reuben Garner's questions to Quanex Building Products Corp (NX) leadership

    Reuben Garner's questions to Quanex Building Products Corp (NX) leadership • Q1 2025

    Question

    Reuben Garner inquired about the expected progression of margins for fiscal 2025, the reasons for the growth divergence between the cabinet and fenestration segments, and the company's confidence level in its full-year guidance.

    Answer

    CEO George Wilson clarified that the significant gross margin improvement expected for the rest of the year is due to the roll-off of a purchase price adjustment (PPA) step-up from the Tyman acquisition that impacted Q4 and Q1. Executive Scott Zuehlke attributed the segment divergence to harsher winter weather affecting the window and door market more than cabinets, and noted that cabinets often lead the cycle. Zuehlke also affirmed confidence in the full-year guidance, stating their initial outlook was realistically conservative and that expected second-half improvement is based on normal seasonality, supported by strong progress on acquisition synergies.

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    Reuben Garner's questions to Quanex Building Products Corp (NX) leadership • Q4 2024

    Question

    Reuben Garner asked about the potential impact of tariffs on the newly combined business, particularly any exposure from Tyman's operations, and also inquired about the overall pricing outlook for the coming fiscal year.

    Answer

    CEO George Wilson stated that the Tyman team had built a robust supply chain to mitigate tariff risks and capitalize on opportunities, and he noted that tariffs have historically been a net positive for Quanex's North American cabinet business. Regarding pricing, CFO Scott Zuehlke indicated a potential for prices to be neutral to up, but emphasized that financial models are primarily driven by volume. Wilson added that the company is being cautious with pricing guidance due to macro uncertainties like inflation and potential tariff impacts.

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    Reuben Garner's questions to Quanex Building Products Corp (NX) leadership • Q3 2024

    Question

    Reuben Garner asked for an update on customer conversations regarding the Tyman acquisition, focusing on potential revenue synergies or dis-synergies. He also inquired about any signs of consumer trade-down in the window or cabinet markets and sought a high-level perspective on whether growth could resume in 2025.

    Answer

    CEO George Wilson stated it is too early to identify specific revenue synergies but sees no initial dis-synergy risk, arguing the combined company's larger scale provides more security for customers. He noted that affordability pressures are impacting the more discretionary cabinet business more than the window business. Executive Scott Zuehlke added that while it's too early for a formal 2025 outlook, the company feels there is a prospect for a return to growth, particularly in the second half of the year.

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    Reuben Garner's questions to Installed Building Products Inc (IBP) leadership

    Reuben Garner's questions to Installed Building Products Inc (IBP) leadership • Q3 2024

    Question

    Reuben Garner sought clarification on the 'normalization' of volume and price/mix, asking if price/mix could turn negative. He also asked how IBP would handle pricing negotiations if fiberglass manufacturers did not announce a price increase.

    Answer

    CFO Michael Miller confirmed that headwinds from business mix (less multifamily, more production builder) will continue, creating a 'large headwind' for price/mix. CEO Jeffrey Edwards expressed high confidence that manufacturers will, in fact, announce a price increase. He explained that pricing discussions with customers always account for material costs and other inflationary pressures to find a satisfactory solution.

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    Reuben Garner's questions to Janus International Group Inc (JBI) leadership

    Reuben Garner's questions to Janus International Group Inc (JBI) leadership • Q3 2024

    Question

    Reuben Garner asked for a reminder of the company's long-term framework, the specific impact of commercial pricing actions on 2025 results, and whether the framework needs adjustment given current steel prices. He also sought clarity on the mechanics of project delays in new construction.

    Answer

    CEO Ramey Jackson commented that steel prices could rise again depending on the election outcome and potential tariffs. CFO Anselm Wong reiterated the long-term adjusted EBITDA margin target of 25% to 27%, stating that commercial actions would have a high-single-digit price impact on the storage business in 2025, offset by cost savings. Wong also confirmed that project delays are occurring both for projects that have already started and for those that were planned but have not yet begun.

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    Reuben Garner's questions to Trex Company Inc (TREX) leadership

    Reuben Garner's questions to Trex Company Inc (TREX) leadership • Q3 2024

    Question

    Reuben Garner asked for details on the onetime $5 million cost associated with the railing transition and its expected benefits. He also questioned the relationship between the inventory drawdown at distribution and weaker demand for entry-level products.

    Answer

    CEO Bryan Fairbanks explained the $5 million cost covers merchandising, literature, and other market launch expenses for the company's largest-ever new product rollout. He clarified that distributors have already adjusted their inventory to reflect weaker entry-level demand, and the Q4 drawdown aligns with their desired year-end positioning.

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